ICSR Study: The Islamic State's 'Business Model' is Failing by Rick Noack, Washington Post
When the Islamic State advanced in Syria and Iraq in 2014, its fighters looted banks, took over oil fields and kidnapped foreigners, seemingly without facing much resistance. But fortunes have changed, and the caliphate is now in deep financial trouble, according to a new study.
The report, released by the London-based International Center for the Study of Radicalization (ICSR) and accounting group Ernst & Young, estimates that the group's revenue has fallen by about 50 percent over the past two years from up to $1.9 billion in 2014 to a maximum of $870 million in 2016.
"It is clear that the Islamic State's business model is failing," said ICSR director Peter Neumann. "It used to be the world's richest terror group because it basically was a state. But its biggest strength at that time — the ability to loot and extract money through taxes in newly conquered territories — became its most significant weakness as it suffered battlefield losses." …
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